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Four Corners (FCPT) Continues Acquisition, Buys Missouri Assets
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Four Corners Property Trust (FCPT - Free Report) is on an acquisition spree and recently purchased three Sun Auto Tire & Service properties for $9.1 million. The move came as part of its portfolio-expansion efforts, with real estate leased to strong credit operators.
The latest acquisition involves properties that are located in strong retail corridors in Missouri and are corporate-operated under long-term, triple net leases. Hence, the buyout seems a strategic fit for FCPT and is likely to generate steady revenues over the long term.
Apart from the latest acquisition, Four Corners recently shelled out $12.3 million for purchasing a Cheesecake Factory property and a dual-tenant Starbucks (SBUX - Free Report) and AT&T (T - Free Report) property. Located in a highly trafficked corridor in Kansas, these properties, which are corporate-operated under net leases, have a weighted average of roughly seven years of residual term.
Also, Four Corners announced the acquisition of a Bubba’s 33-restaurant property for $3.1 million. Positioned in an extremely trafficked corridor in Texas, this marked the last property to be acquired from the seven-property $17.1 million outparcel portfolio transaction initially announced in July 2022.
Primarily engaged in the ownership and acquisition of high-quality restaurants and retail properties, Four Corners seeks potential acquisition opportunities to enhance its portfolio. In the third quarter of 2022, FCPT acquired 26 properties for a combined purchase price of $69.9 million at an initial weighted average cash yield of 6.3%.
Some better-ranked stocks from the REIT sector are VICI Properties Inc. (VICI - Free Report) and Lamar Advertising Company (LAMR - Free Report) , each carrying a Zacks Rank #2 (Buy) at present.
The Zacks Consensus Estimate for VICI Properties’ 2022 FFO per share has moved 3.2% north to $1.92 over the past month.
The Zacks Consensus Estimate for Lamar Advertising Company’s ongoing year’s FFO per share has been raised 1.4% over the past two months to $7.34.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Four Corners (FCPT) Continues Acquisition, Buys Missouri Assets
Four Corners Property Trust (FCPT - Free Report) is on an acquisition spree and recently purchased three Sun Auto Tire & Service properties for $9.1 million. The move came as part of its portfolio-expansion efforts, with real estate leased to strong credit operators.
The latest acquisition involves properties that are located in strong retail corridors in Missouri and are corporate-operated under long-term, triple net leases. Hence, the buyout seems a strategic fit for FCPT and is likely to generate steady revenues over the long term.
Apart from the latest acquisition, Four Corners recently shelled out $12.3 million for purchasing a Cheesecake Factory property and a dual-tenant Starbucks (SBUX - Free Report) and AT&T (T - Free Report) property. Located in a highly trafficked corridor in Kansas, these properties, which are corporate-operated under net leases, have a weighted average of roughly seven years of residual term.
Also, Four Corners announced the acquisition of a Bubba’s 33-restaurant property for $3.1 million. Positioned in an extremely trafficked corridor in Texas, this marked the last property to be acquired from the seven-property $17.1 million outparcel portfolio transaction initially announced in July 2022.
Primarily engaged in the ownership and acquisition of high-quality restaurants and retail properties, Four Corners seeks potential acquisition opportunities to enhance its portfolio. In the third quarter of 2022, FCPT acquired 26 properties for a combined purchase price of $69.9 million at an initial weighted average cash yield of 6.3%.
Four Corners currently carries a Zacks Rank #3 (Hold). Shares of FCPT have rallied 11.3% so far in the quarter, outperforming the industry’s increase of 5.3%. You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the REIT sector are VICI Properties Inc. (VICI - Free Report) and Lamar Advertising Company (LAMR - Free Report) , each carrying a Zacks Rank #2 (Buy) at present.
The Zacks Consensus Estimate for VICI Properties’ 2022 FFO per share has moved 3.2% north to $1.92 over the past month.
The Zacks Consensus Estimate for Lamar Advertising Company’s ongoing year’s FFO per share has been raised 1.4% over the past two months to $7.34.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.